Glencore Subsidiaries Served Freezing Orders in DRC
27 Abril 2018 - 2:10PM
Dow Jones News
By Dimitrios Kontos
Glencore PLC (GLEN.LN) said Friday that two of its subsidiaries
in the Democratic Republic of the Congo have been served freezing
orders over royalty payments, by Ventora Development Sasu.
Ventora has served orders against Mutanda Mining Sarl and Kamoto
Copper Company for approximately $695 million and $2.28 billion
respectively, Glencore said.
The orders authorize the commercial court to freeze certain bank
accounts, and assets of Mutanda and Kamoto as well as mining
titles, Glencore said.
Glencore said it is assessing the impact of the orders, but
notes they may adversely affect the operations of its two
subsidiaries.
The London-listed miner said it denies that Mutanda and Kamoto
are in breach of any of their obligations and that they will
"vigorously contest" the freezing order and any subsequent
proceedings.
Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com
(END) Dow Jones Newswires
April 27, 2018 12:55 ET (16:55 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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